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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
Stock-based compensation cost by award type follows:
(in millions)202120202019
Stock option awards$9.5 $10.4 $9.9 
Restricted stock awards7.3 8.6 6.9 
Performance share awards7.7 7.4 5.5 
Restricted stock units— 1.4 1.3 
Stock appreciation rights9.0 2.4 7.1 
Total stock-based compensation cost incurred33.5 30.2 30.7 
Capitalized cost during the period(9.3)(3.5)(9.0)
Amortization of capitalized cost during the period14.3 1.2 6.7 
Total stock-based compensation expense$38.5 $27.9 $28.4 
Income tax benefit$25.2 $8.8 $11.9 
Schedule of Weighted-Average Assumptions for Equity Awards The weighted average assumptions used in the determination of fair value for stock options follows:
(in millions, except per share amounts)202120202019
Expected dividend yield1.4 %1.3 %1.6 %
Expected term (in years)
4.94.84.9
Expected volatility28.7 %21.9 %21.3 %
Risk-free interest rate0.4 %1.4 %2.5 %
Weighted-average grant date fair value (per share)
$32.51 $29.29 $21.07 
Fair value of options granted$11.8 $11.6 $9.7 
Schedule of Stock Option Activity Under the Company's Stock Option Awards
A summary of stock options outstanding and activity follows:
Number of Units
(in thousands)
Weighted-Average Exercise Price
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20201,826 $114.03 
Options granted362 152.37 
Options exercised(826)103.82 
Options forfeited / expired(92)136.83 
Outstanding as of December 31, 20211,270 129.32 7.2$150.9 
Vested and exercisable as of December 31, 2021652 113.90 6.0$87.4 
Additional information related to stock option activity during the years ended December 31 follows:
(in millions)202120202019
Intrinsic value of options exercised$72.8 $11.9 $25.4 
Schedule of Activity Related to Restricted Stock
A summary of restricted stock outstanding and activity follows:
Number of Shares
(in thousands)
Weighted-Average Grant Date Fair Value
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2020166 $122.88 
Shares granted72 154.23 
Shares vested(72)113.35 
Shares forfeited(11)138.96 
Outstanding as of December 31, 2021155 141.32 1.0$38.4 
Additional information related to restricted stock award activity during the years ended December 31 follows:
(in millions)202120202019
Weighted-average grant date fair value (per share)$154.23 $147.78 $112.70 
Intrinsic value of restricted stock exercised11.8 9.6 5.6 
Additional information related to restricted stock unit activity during the years ended December 31 follows:
(in thousands, except per share amounts)20202019
Restricted stock units granted8 12 
Weighted-average grant date fair value (per share) (1)
$161.41 $110.79 
(1)Restricted stock units' fair value is based on the closing market price of the stock on the respective dates of the grants.
Schedule of Activity Related to Performance Shares
A summary of performance shares outstanding and activity follows:
Number of Shares
(in thousands)
Weighted-Average Grant Date Fair Value
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2020136 $170.34 
Awards granted54 213.13 
Awards vested(85)141.70 
Awards converted41 141.70 
Awards forfeited(8)198.93 
Outstanding as of December 31, 2021138 196.15 1.0$34.1 
Additional information related to performance share activity during the years ended December 31 follows:
(in millions)202120202019
Weighted-average grant date fair value (per share)$213.13 $222.50 $149.27 
Intrinsic value of performance share awards exercised13.3 12.9 5.0 
Schedule of Activity Related to Stock Appreciation Rights
A summary of stock appreciation awards outstanding and activity follows:
Number of Shares
(in thousands)
Weighted-Average Exercise Price
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2020281 $106.85 
Awards exercised(262)106.85 
Awards forfeited(19)106.85 
Outstanding as of December 31, 2021— — N/A$—